• CoinCorner and Pouch have teamed up to enable users from Europe, the U.S. and the U.K. to send money quickly and at low cost to the Philippines.
• This is enabled through CoinCorner’s Send Globally feature which utilizes the Lightning Network to convert one fiat currency into bitcoin and then sent over the Lightning Network.
• Around $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines annually, allowing users to take full advantage of the utility of Lightning.
CoinCorner, a U.K. based cryptocurrency exchange, has recently announced a new partnership with Pouch, a Lightning service provider based in the Philippines, which will enable users from Europe, the U.S. and the U.K. to quickly and cost-effectively send money to the Southeast Asian country. This has been enabled through CoinCorner’s Send Globally feature, which utilizes the Lightning Network to convert one fiat currency into bitcoin, and then sends that bitcoin over the Lightning Network to a receiving entity which converts the bitcoin into another fiat currency. This allows for quick and inexpensive global payments, and was recently enabled for both CoinCorner and Strike through partnerships with Bitnob.
The new Send Globally feature will now be available for users in the U.K. and Europe, who wish to send money to the Philippines. This is an especially important development, considering that around $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines annually – representing a major portion of the country’s GDP.
CoinCorner CEO, Danny Scott, commented on the new partnership, stating, “We’re excited to announce our latest partnership with Pouch and expand our Send Globally service to the Philippines. Every year, more than $2,412,600,000 (£2 billion) is remitted from the U.K. and Europe to the Philippines, so this is another great opportunity to demonstrate the power of Bitcoin, with instant and low cost transactions via the Lightning Network.”
The CEO of Pouch, Ethan Rose, echoed his excitement, saying, “The Lightning Network is the most efficient way to send money across borders, but until now the user experience has been too complex for the average user. We’re so pleased to announce the partnership between Pouch & CoinCorner, because it allows us to drastically simplify a remitter’s user experience while still taking full advantage of the utility of Lightning.”
The new partnership between CoinCorner and Pouch will greatly benefit both users and businesses in the U.K. and Europe, who wish to send money to the Philippines, by providing them with a quick and cost-effective way to do so. Furthermore, it will also serve as a great demonstration of the power of Bitcoin and the Lightning Network to make global payments instant and inexpensive.